Yash Birla among others named by Swiss Bank for tax fraud

The name of India’s leading industrialist Yash Birla is among the Indians with Swiss bank accounts whose names have been publicized by Switzerland's official gazette with reference to the current tax enquiries against them in India.

There are five other names - Syed Mohamed Masood, Chaud Kauser Mohamed Masood, Gurjit Singh Kochar, Sneh Lata Sawhney, and Sangita Sawhney.

The Masoods are being investigated for a huge Mumbai based ponzi scheme through City Limousines. Syed Masood’s accounts were already frozen years ago after a request from the Enforcement Directorate. Fresh details about him and about Chaud Kauser Masood have been requested by the Indian authorities.

The accused can file an appeal to the Swiss Federal Administrative Court within 30 days, asking them not to share their details with Indian authorities.

In case of Birla and Sharma, whose details have already been shared, the announcement also mentions their Indian addresses.

Indians has been pushing Swiss authorities for long to share details on account holders suspected of tax evasion in India.

The current announcement comes in light of the new black money law passed by the Indian Parliament. The convicted will now face up to ten years in jail and a penalty of 90 per cent of funds in addition to 30 per cent tax levy. However, there is a relaxation for first time offenders, where the person can come clean by paying 30% tax and 30% penalty. Hope this doesn’t let many a Birla slip through.

(Image credit: Indiawires)